Minutes of the Combined General Meeting of May 25, 2022


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LIMOGES, France–(BUSINESS WIRE)–Regulatory News:

The Combined General Meeting of Legrand shareholders (Paris: LR) was held on May 25, 2022 under the chairmanship of Angeles Garcia-Poveda, Chairwoman of the Board of Directors.

I. Main voting results of the Combined Ordinary and Extraordinary General Meeting

All the resolutions proposed by the Board of Directors were approved.

In particular, the shareholders approved:

  • the renewal of by Olivier Bazil directorship for a period of three years; Mr. Bazil is also a member of the Appointments and Governance Committee and of the Commitments and CSR Committee;

  • the renewal of by Edward A. Gilhuly directorship for a period of three years; Mr. Gilhuly is also a member of the Commitments and CSR Committee;

  • the renewal of by Patrick Koller directorship for a period of three years; Mr. Koller is also a member of the Appointments and Governance Committee and the Compensation Committee; and

  • the appointment of Florent Menegaux as independent director for a period of three years.

Consequently, the Board of Directors is made up of 14 members (including two directors representing employees):

  • ten independent membersa proportion of 83%1, higher than the minimum level of 50% recommended by the Afep-Medef Corporate Governance Code;
  • five womena proportion of 42%1;
  • five nationalities: American, French, German, Italian and Spanish.

Accordingly, the composition of the Board of Directors is in line with industry best practices.

The shareholders meeting also approved the payment of a dividend of €1.65 per share for 20212. The ex-dividend date will be May 30, 2022 and the dividend will be paid on June 1, 2022.

II. Responsible and profitable growth model

During the General Assembly, CEO Benoît Coquart presented the Legrand model. The Group operates in a buoyant sector and presents a unique and value-creating profile. It is perfectly positioned, especially since almost two-thirds of its turnover comes from leadership positions3.

Driven by structurally favorable long-term market trends and balanced geographic positioning, Legrand is accelerating its value creation, in particular through innovation (organic growth) and additional acquisitions. For example, the Group has strengthened its positions in the fastest growing segments – data centers, connected solutions as part of the Eliot program, and energy efficiency – which together accounted for 33% of its revenue4 in 2021, and it intends to increase this proportion to 50%. % medium term.

Benoît Coquart added that Legrand has historically adopted an integrated vision of its performance, with an exemplary and ambitious ESG approach supported by its management processes and compensation schemes for managers and executives.

He went on to say that the Group had set itself ambitious medium-term financial and extra-financial5 objectives, fully in line with its profitable, sustainable and responsible growth strategy as well as with its corporate purpose.

III. Financial performance and outlook

Financial director Franck Lémery then explained Legrand’s financial performance and outlook.

In 2021, Legrand achieved record results, with organic growth of +13.6%, an adjusted operating margin of 20.5% of sales, net profit up by +32.8% and normalized free cash flow of 1.1 billion euros.

He also indicated that the performance over two years (2020 and 2021 combined) was in line with all of the Group’s medium-term financial objectives (in terms of growth, margins and cash flow), before detailing the solid results for Legrand in the first quarter. of 2022 and its objectives for the current year6.

IV. Achievements and CSR policy

Virginie Gatin, General Manager Corporate Social Responsibility, presented the positive impact of Legrand’s historical CSR commitments over the long term (2011-2021).

Between 2019 and 2021, the Group’s solid extra-financial performance resulted in a 131% achievement rate of the objectives of its fourth CSR roadmap, including an employee engagement rate of 80%, in strong increase compared to 2017.

Legrand has set ambitious objectives both in the long term (aiming for carbon neutrality by 2050) and in the medium term, to be achieved by 2030 (carbon trajectory validated by the SBTi7, diversity and revenue generated by products eco-responsible).

In the short term, the fifth CSR roadmap 2022-2024 is a new step through which Legrand intends to increase its impact in four areas (carbon, circular economy, diversity & inclusion and responsibility) and through 15 priorities8, contributing to the achieving the UN 10 Sustainable Development Goals (SDGs).

V. Governance and remuneration

Michel Landel, Lead Director and Chairman of the Appointments and Governance Committee, commented on the change in the composition of the Board of Directors. He then presented the process for evaluating the operation of the Board as well as its activities and those of its specialized Committees in 2021.

Annalisa Loustau Elia, Chairman of the Compensation Committee, after recalling the principles of the compensation policy, provided details on the resolutions relating to the compensation of corporate officers submitted for shareholder approval.

All the presentations made at the General Meeting, including the results of the votes, the complete replay of the meeting and the answers to the written questions are available on the Legrand website: www.legrandgroup.comsection “INVESTORS AND SHAREHOLDERS/General Meetings/2022 General Meeting”.

Key financial dates:

  • Ex-dividend date: May 30, 2022

  • Dividend payment: June 1, 2022

  • Results for the first half of 2022: July 29, 2022

    Quiet period9 begins June 29, 2022

  • Results 9 months 2022: November 3, 2022

    Quiet period9 begins October 4, 2022

About Legrand

Legrand is the world specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for the commercial, industrial and residential markets makes it a benchmark for customers around the world. The Group captures technological and societal trends with a sustainable impact on buildings, with the aim of improving life by transforming living, working and meeting spaces through electrical and digital infrastructures and simple, innovative and connected solutions. durable. Based on an approach involving all teams and stakeholders, the Group is pursuing its strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offers including higher value products. of use (the most promising segments: data centers, connected solutions and energy efficiency programs). Legrand achieved a turnover of 7.0 billion euros in 2021. The company is listed on Euronext Paris and is part of the CAC 40 and CAC 40 ESG indices (ISIN: FR0010307819).

https://www.legrandgroup.com

Readers are invited to verify the authenticity of Legrand press releases via the CertiDox application. For more information, visit www.certidox.com

1 Directors representing employees are not counted for the calculation of (i) the minimum ratio of directors of the same sex, in accordance with the provisions of the law, or (ii) the proportion of independent directors on the Board Directors, in accordance with the recommendations of the Afep-Medef Corporate Governance Code.

2 To be paid in full out of distributable income. For more information, readers are invited to refer to the press release of February 10, 2022.

3 Rank first or second for a given product and in a given market.

4 Excluding overlaps between these three segments.

5 For more information, readers are invited to refer to the press releases of February 11, 2021, September 22, 2021 and March 29, 2022.

6 For more information, readers are invited to refer to the press release of May 5, 2022.

7 The SBTi validated Legrand’s CO2 emission reduction targets, compatible with limiting global warming to 1.5°C. For more information, readers are invited to refer to the press release of July 30, 2021.

8 For more information on the objectives of the fifth CSR roadmap, readers are invited to refer to the media kit published on the legrandgroup.com website

(https://www.legrandgroup.com/sites/default/files/Documents_PDF_Legrand/RSE/2022/DP_CSR_2022_1649314469.pdf).

9 Period of suspension of all communication pending the publication of the results.

Investor Relations

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Ronan Marc

Tel: +33 (0)1 49 72 53 53

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Press relations

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Source: Legrand

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